GAFI, Samsung probe investing $23M in Egypt

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Mon, 01 Jun 2020 - 09:51 GMT

Samsung is revamping its Bixby digital assistant and making it available on competing devices, ramping up competition with rivals such as Amazon's Alexa - AFP/File

Samsung is revamping its Bixby digital assistant and making it available on competing devices, ramping up competition with rivals such as Amazon's Alexa - AFP/File

CAIRO - 1 June 2020: Chief Executive Officer (CEO) of the General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab discussed on Sunday with Choonki Kwon, the chairman of Samsung Electronics Egypt, pumping more investments worth $23 million in the Egyptian market in 2020.

Samsung will open a new production line to manufacture computer monitors in August. It also plans to pump investments worth $84 million in the coming five years.

Abdel Wahab noted that Samsung would benefit from the new amendments to the investment law, which offers investment incentives for Samsung new projects.

The South Korean giant seeks to expand its activities in Egypt to export its products abroad as about 85% of its production is exported.

The two officials tackled implementing a joint plan to lure enormous investments in the feeding industries for Samsung to promote the local industry.

During the meeting, Kwon said Samsung Egypt's successes contribute to turning Egypt into a major hub for export, noting that Samsung employs nearly 2,000 workers in Egypt.

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